Important changes to MLS® Rules & Policies

The Board of Directors recently approved the following changes to the MLS® Rules and Regulations and MLS® Policies:

1. MLS® Rules and Regulations, Section 2, Sub-section 2.15 regarding “no offers until” was amended so that OREA form 244 “Seller’s Direction re: Property/Offers” should be used to document the Seller’s instructions for “no offers until”.  Section 2.15 now reads:      2.15 If an MLS^® listing indicates that offers are not to be presented for a period of time, the listing brokerage shall complete, as part of the listing, the seller’s written direction on  the OREA form  “Seller’s Direction re: Property/Offers and disclose all particulars of such direction in the “Remarks” field of the MLS^® listing. Should the seller rescind a restriction pertaining to the presentation of offers, the Listing Brokerage shall immediately, and with reasonable notice to all parties:(a) complete, as part of the MLS^® listing, the Seller’s written direction on the Association’s form entitled “Amendment to Listing Agreement” and make the necessary changes to the “Remarks” field for such MLS^® listing; and

   (b) if the listing brokerage is representing the Seller in the negotiation of offers, notify by telephone, all Co-operating Brokerages, who requested and/or registered offer presentations, that such restriction is removed and arrange for the presentation of all offers to the Seller, without delay.

2. MLS® Rules and Regulations, Section 12 – 12.01 Trading Procedures was amended by the deletion of sub-section 12.01 regarding deposits.  The section that was deleted was:   Section 12 – Trading Procedures12.01     In all cases, Brokerages shall make every attempt to obtain adequate deposits. Such deposits shall be made out in the name of the Listing Brokerage, unless otherwise directed by their client, and turned over to the Listing Brokerage, or as otherwise directed by such client, together with a copy of the Agreement of Purchase and Sale or other agreement evidencing the trade in real estate. When the deposit is held by the Co-operating Brokerage, they shall disburse funds in accordance with written directions of the Listing Brokerage or the Seller, as applicable.
3. MLS® Policies – RAHB Members Open House was amended by the deletion of Policy #5 regarding a change of open house hours on a day of a RAHB membership meeting.  The section that was deleted was:      5.    If there is a general membership meeting of the association on the scheduled open house date, the open house will be held from 11:00 a.m. To 1:00 p.m.

These changes are effective immediately. The RAHB MLS® Rules and Regulations and MLS® policies are posted in REALTOR Link®.